Kitty rescue at Caesars; Stingy Station

As we were driving to LVA HQ this morning, we spotted a disoriented-looking little cat running through the Flamingo Rd./I-15 interchange, across from Caesars Palace. We were in a quandary about what to do until it turned and started ambling down the I-15 "on" ramp, heading straight for certain death. I ran down the ramp after it (the kitty's a fast little bugger), scooped it up in one hand and …

Well, what to do? I am now the custodian of a small, tuxedo-patterned kitten who may be carrying God knows what infections. It's too docile to be a feral cat but it's definitely going to need a new residence. So if anybody reading this can lend a helping hand to a homeless kitty, contact me at [email protected]. I could just plop the wee bairn out in the LVA parking lot, along with our resident strays, but they're all massive and it would be a very Darwinian situation, I fear.

Cheesparing at Station: The formidable Jean Scott has news of some recent and untoward developments at Station Casinos, as the bankrupt company resorts to new "economy" measures. While the Fertitta clan sinks approximately $90 million into Orange County mansions, they're recouping the cost of their poor business decisions out of their customers' hides.

Random observations: Last night, we celebrated my Better Half's birthday, partly at Cadillac Ranch, which seems to have an identity crisis. Its menu is slightly countrified (in a C&W sense), its walls are covered with photos of Baby Boomer rock stars (think Steven Tyler) and the video feed is heavy on hip-hop. Go figure. The root beer float is very good, though. At 10:30, as though by prearranged signal, an incoming tide of douchebags flooded the joint and we split …

… the classy southern façade of Mandarin Oriental has now been marred by a building wrap, high up on one corner. It's small by building-wrap standards, managing to both spoil the view and look like a timid half-measure …

… speaking of building wraps, Criss F. Angel has long since been evicted from the eastern façade of Luxor. A new wrap was placed on the northeast corner of Luxor's ancillary hotel, but it's also smallish and — due to way the hotel's buttresses jut forward — hard to see if you're driving into Vegas from the south. Then again, if I were MGM Mirage, I'd probably want to downplay with association with the widely ridiculed Mr. Angel, too.

Posted in Animals, Architecture, Cirque du Soleil, CityCenter, Current, Dining, Entertainment, Harrah's, Marketing, MGM Mirage, Pets, Station Casinos, The Strip | Comments Off on Kitty rescue at Caesars; Stingy Station

Comedy Quest

Having made the rounds of a few laugh lounges lately, I can report that L.A. Comedy Club is not to be sneezed at, especially in its new digs at the Four Queens. However, Tickled Pink, at Planet Hollywood, is one of the more remarkable value propositions in town. Hower, Sin City Comedy Show (not reviewed), also at Planet Ho, manages to be both overpriced and mediocre, and the layout of the room is terrible.

Posted in Downtown, Entertainment, Planet Hollywood | Comments Off on Comedy Quest

I was just saying …

… to a colleague that, given Atlantic City‘s dismal July numbers, a plea for governmental assistance had to be just ’round the corner. Well, whaddya know? In at least five instances, Atlantic City’s casinos are run by companies that just reported profitable quarters, while four more just changed hands for pennies on the dollar. Not to mention that Colony C(r)apital, owner of the remaining two, supposedly was willing to put some or all of $244 million into bankrupt Station Casinos.

I don’t mean to sound unsympathetic, but … considering that Garden State citizens are being asked to tighten their belts, forego tax rebates and the like, if the casino industry needs $20 million to market itself then it can damn well pass the hat and raise the cash in-house. Besides, there’s something unseemly about “pull yourself up by your bootstraps” capitalists clamoring for guvmint subsidy, especially in a state filled with people who are in much greater need. (Yes, I know these are interconnected issues but we’re talking casinos that gross hundreds of millions of dollars every month. They’re not exactly paupers.)

The article’s final paragraph (misleadingly) implies that Trump Entertainment‘s three casinos, the Tropicana Atlantic City and the two Colony properties are all in danger of closing. But might Atlantic City be better off with five — or six, if Revel can be finished — strong casinos, whilst the sicklier ones are put out of their misery?

A reader posed that question to me … and now I pass it along to you.

Posted in Atlantic City, Boyd Gaming, Carl Icahn, Colony Capital, Current, Donald Trump, Economy, Harrah's, MGM Mirage, Tropicana Entertainment | Comments Off on I was just saying …

Carl Icahn, comedian?

"As a result of [Tropicana Entertainment's] continued use of the Tropicana marks in interstate commerce, the Tropicana marks have achieved fame and notoriety and are associated in the minds of consumers nationwide with a consistent level of high-quality casino, entertainment and hotel and restaurant services." — from court filings by Tropicana Entertainment, proud owner of the Tropicana Express in Laughlin, proprietor of the Horizon in Lake Tahoe (above) and evicted operator of the Tropicana Atlantic City. Uh, yeah, that "notoriety" part is right on the money. TropEnt is suing the Tropicana Las Vegas to enjoin it from using the "Tropicana" name.

Posted in Atlantic City, Carl Icahn, Columbia Sussex, Lake Tahoe, Laughlin, The Strip, Tropicana Entertainment | Comments Off on Carl Icahn, comedian?

Rivers Casino by the numbers

Now that you can play the slots in Pittsburgh, just what's on tap? J.P. Morgan has published the slot inventory of brand new Rivers Casino and the slot floor (which is 55% reel-spinning) breaks down by denomination as follows:

Pennies: 973

Two-cent: 320

Nickels: 348

Quarters: 673

50-cent: 38

$1: 351

$5: 85

$100: 4

$500: 1 (plus sundry $2, $10, $15 and $25 slots)

Electronic roulette: 26

Electronic blackjack: 70

Three-card poker: 10

Interesting to see how penny slots, despite being a poorer value play, are now dominant over quarter machines and have thoroughly routed nickel slots. Congratulations to Neil Bluhm and his executive team for getting Rivers Casino up and running in what seems like no time at all, especially after initial developer Don Barden had left it stuck in the mud. Thankfully, the only lasting damage will be to Barden's ability to get future casino licenses.

Posted in Don Barden, Neil Bluhm, Pennsylvania, Technology | Comments Off on Rivers Casino by the numbers

Stanley Ho, ailing monarch

Not many of us make headlines by waking up in the morning and saying something. But when the future of over 50% of Macao's casino market hinges on A) your health and B) your plan of succession, and C) your name is Stanley Ho … well, it's a big deal. Macau Daily Times is reporting that the elderly Ho is both conscious and articulate. However, it's also saying that he needs further surgery to extricate blood clots from his brain. My suspicion that the gambling oligarch suffered a stroke (or something very close thereto) and not a simple slip-and-fall — was first reported — is hardly dispelled by this latest news.

For reasons I was in the midst of outlining last Friday, just before the Big Computer Freeze destroyed it all, we're far from out of the woods on this. Also, the gathering of family members around the patriarch's sickbed is — due to various business agendas — somewhere between courtiers hovering around an ailing monarch and vultures circling potential prey.

Alas, all that must go onto the back burner until I deal with some outstanding business that includes reviewing L.A. Comedy Club at the Four Queens and Tickled Pink at Planet Hollywood. We had some extra time before the latter last night to contemplate CityCenter. Whether one likes it or not, it's going to make several nearby properties — I'm looking at you Monte Carlo and especially New York-New York — look very antiquated, bordering on tacky. With a few exceptions, the Wynn-initation themed resorts are proving to have surprisingly short shelf lives.

Posted in Current, Downtown, Entertainment, Macau, MGM Mirage, Stanley Ho | Comments Off on Stanley Ho, ailing monarch

Neverland Station?

So long Viva, hello Michael Jackson?

According to NBC News, parts of Neverland Ranch are going to be dismantled and moved to — you guessed it — Las Vegas. Who owns Neverland Ranch? Colony Capital? Who has amassed enormous tracts of Vegas-area real estate? Station Casinos. And who is the majority owner of Station Casinos? Colony Capital.

NBC reports that New!Neverland would be (re)built "near the Las Vegas Strip." I humbly submit that now we know what "Tropicana Station LLC" is going to be and why it was shielded from the recent bankruptcy filing.

The current home of ramshackle Wild Wild West and proposed future home of $11 billion metaresort Viva, Station's Tropicana Ave. site owns the acreage Colony would need — and no other Station- or Colony-held asset quite fits the NBC-outlined criteria. Also, if you're feeling peckish, there's an Inn 'n Out Burger across the street. (If the Fertitta clan tried to drive that away, not even their newly acquired Orange County mansions would keep them safe from pitchfork-wielding mobs.)

Posted in Colony Capital, Current, Dining, Station Casinos, The Strip | Comments Off on Neverland Station?

New flavor of Tropicana; M is infectious; Penn is persistent

Alex Yemenidjian has busted out a new logo for his Strip casino:

Hey, it’s a start. Still no word on a new evening show for the Tiffany Theater (and somehow I don’t think Dirk Arthur is going to cut it as a long-term proposition). Anything being possible, perhaps trademarking a new logo will circumvent that “Tropicana” lease-back clause that Tropicana Entertainment CEO Scott Butera snuck past Yemenidjian … but the Tropicana Las Vegas had better set aside $2 million just in case.

Success breeds development. With M Resort a smash right of the box, naysayers to the contrary, it’s proving to be the catalyst for at least one more casino development. The shrouded-in-mystery Raymond Shapiro project would sit immediately north of M and would — especially if M’s amenities get fully built — synergize with the additional retail/amusement development that are in M’s plans.

Industry wisdom, validated by experience, maintains that casinos do better when clustered — and the Anthony Marnell III and proposed Shapiro properties might even get Gary Goett‘s long-stalled Olympia Gaming project out of its holding pattern. (It would be on the opposite site of Las Vegas Boulevard from the Shapiro parcel, closer to I-15.)

The loser in all of this is Station Casinos‘ stuck-in-limbo Inspirada casino project. By the time both that and the master-planned community upon which it was predicated are ready to go, Shapiro and Goett could be as firmly entrenched as Marnell. But, in this lending climate, the operative phrase for any casino proposal remains, “Show me the money.”

Penn to locals: “Screw you.” For execs at Penn National Gaming, fortifying themselves against competition from in nearby counties supersedes the good will of their constituency. In Jefferson County, home to Charles Town Races & Slots, voters rejected a request for table games in a 2007 vote that went 56%/44% against Penn.

Undeterred, Penn is going to get back in voters’ grille this November, it appears, by dint of either the Nov. 7 ballot or a special election a month later. According to J.P. Morgan analysts, the Jefferson electorate is pondering zoning restrictions “to slow down the influx of people from the greater Washington, D.C. area and the conversion of farms to subdivisions.” If that’s indeed the temper of the neighborhood, Penn’s persistence in trying to drive more traffic into the area seems perverse … if understandable from a dollars-and-cents standpoint.

Posted in Alex Yemenidjian, Election, Entertainment, Penn National, The Strip, Tropicana Entertainment | Comments Off on New flavor of Tropicana; M is infectious; Penn is persistent

Case Bets: Ohio, Trump, Fahrenkopfian outrage

With racinos a done deal in Ohio, a suddenly frisky Harrah’s Entertainment is shopping around for a Cleveland-area track. If anything, I’m surprised competing companies haven’t beaten Harrah’s to the punch, but it seems to have sucker-punched its rivals. Good on it.

Donald Trump’s fire-sale acquisition of Trump Entertainment Resorts is far from a done deal, according to the Wall Street Journal. Bondholders who stand to have $1.25 billion flushed away in the Trump/Mark Juliano sweetheart transaction may be able to throw in a spanner in the works.

Casinos spread the wealth — or do they? A Journal of Economic Studies report queries the premise, saying casino expansion dilutes local wage bases. However, casino companies — and some academic allies — aren’t taking this lying down. Both Penn National and Cordish Gaming are making vigorous arguments to the contrary, as is one Frank J. Fahrenkopf.

Posted in Atlantic City, Cordish Co., Donald Trump, Harrah's, Labor, Maryland, Ohio, Wall Street | Comments Off on Case Bets: Ohio, Trump, Fahrenkopfian outrage

Adelson bombing in Pennsylvania; RoboPoker returns; Dissent over Wynn

Both the opening of Sands Bethlehem, and recent expansions of Meadows Racetrack & Casino (+29%) and Mohegan Sun at Pocono Downs (+21%) drove an 18.5% increase in slot revenue this July. With $19.6 million in gross revenue, Sands was only good for fifth place, barely behind Mohegan Sun ($19.8 million).

Adelson's new slot parlor was well off the pace set by Philadelphia Park Casino & Racetrack ($30.8 million) and The Meadows ($29.9 million). Harrah's Chester didn't perform too shabbily, either, pulling in $27.3 million from the one-armed bandits. Both it and Philadelphia Park were less than 2% down from their July '08 revenues, putting paid to the theory that Sands Bethlehem would draw — at least in any significant degree — from the Philadelphia area. Only nearby Mt. Airy Resort & Casino is taking a serious hit.

Downtown Reno's nicest casino, the spacious Silver Legacy, is taking a big step downmarket by succumbing to the cheesy allure of RoboPoker. Even that bit of good news for PokerTek wasn't enough to keep Aristocrat Leisure from writing down its share of the company.

Steve Wynn is The Man, at least in Macao, according to the controversial Jim Cramer. I agree.

Why then, is Wynn Resorts COO Marc Schorr cashing out at a time when the stock is arguably undervalued? Maybe he's just one more American who got overextended in the go-go Bush Era.

Posted in Australia, Cannery Casino Resorts, Harrah's, Macau, Pennsylvania, Reno, Sheldon Adelson, Steve Wynn, Technology, Tribal, Wall Street | Comments Off on Adelson bombing in Pennsylvania; RoboPoker returns; Dissent over Wynn

"You can't bring that sword in here!"

Some do-it-yourself ninja got busted sneaking a samurai sword into Casino Rama, in Ontario. As far as exotic weaponry on the casino floor, S&G thinks this takes the prize.

The not-so-great ATM caper. Both Wired.com and the Christian Science Monitor have been carrying stories on sinister ATM-alikes positioned to capture conventioneers' cash at the Riviera. Since the alleged scam occurred during DefCon, a conclave of hackers, you wouldn't be much of a criminal mastermind if you thought such a scheme would go undetected.

Expanding on the story, the CSM reports that the not-ATM was stationed across from the Riv's security office — a brazen move, if true, and that a similar scheme was unmasked at The Rio. However …

Riviera brass say it was a mixture of hoax and misunderstanding. It was their ATM, they say, and they were the ones who took it offline in anticipation of DefCon. Because, gosh, you wouldn't want operational ATMs in your convention area when it's aswarm with conventioneers, would you? People might actually, like, use it.

Finally, some good news: The video speaks for itself …

Posted in Animals, Harrah's, Horseracing, Riviera | Comments Off on "You can't bring that sword in here!"

Get 'em while they're young

One of the Atlantic City Hilton‘s most valued players was a 19-year-old from Brooklyn. This baby whale was sufficiently lucrative to the Colony C(r)apital property that he received a comped stay and qualified as a “rated player.”

Better still, A.C. Hilton execs allowed him to keep playing even after they’d been tipped off to his juniority. Nice work! Step right up, Colony, and collect your reward — a $115K fine from the New Jersey Casino Control Commission. Apparently the Hilton simply took the youngster’s word that he was old enough to gamble before handing him the keys to kingdom.

Colony may be able to buy casinos but it sure as shooting can’t run ’em. Frank Fertitta III may not have been the best monarch of Station Casinos but, compared to majority owners Colony, it’s another case where the one-eyed man is king in the land of the blind.

One sings, the other doesn’t (quite): Not only is Ali Spuck‘s new Liberace Museum show a real value proposition at $15/ticket but, hot damn, she’s Spucktastic. As for Charo in Concert: A Musical Sensation, at the Riviera, it’s something for everyone but not that much for anyone. Although Charo “goes to 11” on the Camp-o-Meter, gay audiences (and Baby Boomers, too) seem likelier to flock to Spuck.

Bleary blogger: My apologies for the disappointing blogorrhea of late. I’ve been immersed in a crash course on the crash-and-burn of Russia‘s casino industry (R.I.P.). Throw in some computer troubles and I’d conservatively estimate I’m three days behind the rest of the gaming world.

Posted in Atlantic City, Colony Capital, Entertainment, International, Regulation, Riviera, Station Casinos, The Strip | Comments Off on Get 'em while they're young

Boyd, Ameristar stable; CityCenter schedule revised

Second-quarter results from Boyd Gaming and Ameristar Casinos gave continued reason to be sanguine about each company. Both reported profits (12 cents per share at Boyd, double that at Ameristar) and both missed their revenue targets by an aggregate of only $8 million. A whopping (27%) jump in Colorado revenues for Ameristar last month was additional reason for confidence, offsetting weakness in Kansas City.

Cost control was credited with helping Boyd's performance, as was much-better-than-expected cash flow at Borgata. The Las Vegas locals market also ran ahead of expectations in that regard, while downtown and the Midwest/South casinos lagged. Bankruptcy filing or no, Boyd maintains that it continues to be a suitor for Station Casinos. Oh, and keeping Echelon mothballed — while the least expensive of alternatives — isn't cheap, costing Boyd $3 million a month.

MGM Mirage has sent LVA a revised, official list of dates for the debut of the various bits and pieces of CityCenter. (Excepted, of course, is the Harmon[ini] which, as of last Wednesday, had no firmer opening date than "late 2010.") The openings are as follows:

Vdara (Dec. 1); Crystals (Dec. 3); Mandarin Oriental (Dec. 4); Aria (Dec. 16), while condo closings in Veer Towers are set to "begin in January." When MGM gave a CityCenter dog-and-pony show to the Nevada Hospitality & Lodging Association last week, the computer graphics still showed Baldwin's Bump at its original, 48-story height. Also, the bluish tint that denoted CityCenter's acreage, by quirk or design, extended to embrace the Cosmopolitan. A portent?

Posted in Ameristar, Architecture, Atlantic City, Boyd Gaming, Colorado, Current, Downtown, MGM Mirage, Missouri, Station Casinos, The Strip, Wall Street | Comments Off on Boyd, Ameristar stable; CityCenter schedule revised

Donald Trump, comedian

This is a joke, right? Three Atlantic City casinos for a slim $100 million? Then again, if Trump Entertainment Resorts financial advisor Lazard only values unloved Trump Marina at $24 million, maybe exiled chairman Donald Trump isn’t so far out of the ballpark after all. What’s even more surprising than the measliness of Trump’s offer is the alacrity with which CEO Mark Juliano capitulated.

“My daughter Ivanka and I will work tirelessly to make this company great again,” pronounced The Donald, displaying yet again his peerless ability to deliver drop-dead laugh lines with a perfect deadpan. He added, “As I have done in the past, we will make Atlantic City hot once more.”

If anybody’s going to make Atlantic City “hot,” Donald Trump it’s not — especially since he’s still scheming to get a piece of the Philadelphia slot-parlor action. For those of you waiting until 2020 to redeem your Trump Entertainment debt, the good news is that you’ll (eventually) get 94 cents on the dollar. Holders of secured notes due in 2015 get wiped out, along with unsecured creditors. As usual, Trump gets the gold mine, the financiers get the shaft.

But the real winner is MyFox.com, which perhaps unwittingly filed this story under the perfect headline: “Cash for Clunkers.”

Posted in Atlantic City, Donald Trump, Pennsylvania, TV, Wall Street | Comments Off on Donald Trump, comedian

McKee vs. Lerner

Actually, the headline misstates what was a very collegial — if occasionally dissenting — exchange of views between Union Gaming Group's Bill Lerner and Yr. Humble Blogger on Jon Ralston's Face to Face show. It was only my second-ever gig as a talking head — and it shows. (Note to self: Consider Botox injections to paralyze overactive facial muscles.)

The ostensible subject of discussion was newly bankrupt Station Casinos, but it ranged as far afield as Singapore and Macao. Actually, we probably could have taped an entire week's worth of shows without exhausting the topic(s).

Lerner was a perfect gentleman, despite all the snarky things I've written about him in S&G (assuming he even reads it, which I doubt). I could certainly learn a thing or two from his poised on-air demeanor. I also found that, if you're in the middle seat on Face to Face, you need to "cheat" a little to your right and downstage or else you'll be masked in all the wide shots. And, as Ira David Sternberg taught me, don't ever look at the camera.

My ex cathedra pronouncements were, however, overshadowed by my alarmingly jowly appearance. When the video is posted, you will see that I look every one of my 200 lbs. — and quite a few more! Since the episode isn't available on the Las Vegas Sun Web site yet, here's a preview:

Oh, my brain and mouth parted company on at least one occasion. I thought I said MGM Mirage would probably offload The Mirage for "one and a half billion to two billion dollars." What emerged, though, was "a half-billion to two billion dollars." So Jim Murren, wherever you are, I do not think you'd part with The Mirage for a (comparatively) measly $500 million … just so we're good on that.

At least the high-angle shot at the end missed my bald spot. Thank God for small favors. The rebroadcast is starting; time to find out if I still know how to operate a VCR.

Posted in Atlantic City, Boulder Strip, Boyd Gaming, Colony Capital, Current, Economy, International, Kansas, Labor, M Resort, Macau, MGM Mirage, Sheldon Adelson, Singapore, Station Casinos, The Strip, TV, Wall Street | Comments Off on McKee vs. Lerner

Bare-knuckle Boardwalk brawl

Leaky windows. Broken air-conditioning. Missing kitchen equipment. A weather-beaten building … It also has missing kitchen equipment and broken air-conditioning units that have left guest rooms hot and unrentable. Further, it is plagued by a leaky roof, windows and skylights …

Is this the Tropicana Atlantic City we’re talking about? Heck no, it’s Trump Marina, as described the attorneys for all-hat, no-cattle buyer (wannabe) Richard Fields. His Coastal Marina LLC is accusing Trump Entertainment Resorts of blowing off Marina maintenance and siphoning away players. There’s more — much more. Fields’ suit charges Trump (the company) with doing a chop-shop job on the hotel-casino and The Associated Press’ story implies it may have been a Donald Trump “screw you” to Fields, a former courtroom adversary.

Assuming for a moment that the allegations are true (Trump’s CEO says they’re not) … that’s the way the game is played, dude. Just ask Ed Roski about his abortive Continue reading

Posted in Atlantic City, Donald Trump, Economy, Harrah's, MGM Mirage, Silverton, The Strip, Tropicana Entertainment | Comments Off on Bare-knuckle Boardwalk brawl

To Charo or not?

Are you wondering whether it's worth forking over 50 or more of your increasingly hard-earned dollars to see Charo in Concert: A Musical Sensation at the Riviera? This video (or "bideo" in Charo's Castillian lisp) is sufficiently representative that it tells you more than could any review:

The show's second half is given over to a five-song set with Charo on guitar. Does she have mad guitar skillz? Is she a Guitar Heroine? The twin "bideo" screens in the showroom maintain a constant closeup of her fingerwork, allowing you to decide for yourself. One might hope that cute little Manolo puts in an appearance, but alas … no bull.

Posted in Animals, Entertainment, Riviera, The Strip | Comments Off on To Charo or not?

Fasolt

As I write this, LVA mascot Mojo is sunning herself on my office balcony (and doing #2, I fear), turning my mind to the animal kingdom. S&G readers are sometimes so kind as to ask after the health of my gargantuan Maine Coon cat, Fasolt, who briefly went missing last winter while the Significant Other and I were engrossed in an episode of The L Word.

I’m happy to report that Fasolt is in fine fettle, although sufficiently arthritic as to require “pet steps” (pictured) to get onto the bed. He continues to tolerate his stepbrother, Mr. Bit, and to spat with his stepsister, Shadow. He’s also growing more neurotic with age, to the point where avoids the litter box like the plague. Some stopgap solutions have been devised, through trial and error, but the occasional father-son chat about “inappropriate elimination” still has to be conducted.

When it’s dinner time, he sits (sometimes) patiently at my right knee, awaiting the table scraps that are his due as Senior Cat in Residence. He also likes to “watch” TV with me and, if I’m working at home, he’s usually just to the right of my desk chair or — more problematically — in my lap. And if he feels there’s been too much Internet surfing, Fasolt sits on the mouse pad to put a stop to it.

What’s this to do with gambling … well, nothing. But in my not-impartial opinion, Fasolt’s native smarts exceed those of certain gaming-sector CEOs.

Posted in Animals, Pets, TV | 1 Comment

Quote of the Day

"Privé. Gibbons. Ensign. Rampant foreclosure. Half-built, hubristic casinos. Record unemployment. UFC. Mob Museum. Maybe Las Vegas 2009 is just Tom Wolfe's next novel." — Las Vegas Weekly Editor Scott Dickensheets, from Facebook.

Posted in Current, Downtown, Economy, Labor, Politics, Sports, Station Casinos, The Mob, The Strip | Comments Off on Quote of the Day

Case Bets: Hard Rock, Puck, Station, Greek Isles

Morgans Hotel Group has never seemed able to make up its mind about what to do with the Hard Rock Hotel & Casino (one of the stranger acquisitions of recent years). Then-CEO Ed Scheetz came in talking big about classing the place up and raising ADRs. Fast-forward to ’09 and the HRH is staking everything on its skanky Rehab parties (does the staff have to don hazmat suits when cleaning up afterwards?) and going for the mid-price market midweek.

One can’t fault the latter half of that strategy, especially if you’re in an off-Strip location and could use the traffic. However, if Morgans goal was to increase Hard Rock ADRs, perhaps it shouldn’t have embarked on a ginormous expansion that practically obliterates Peter Morton‘s original hotel and dilutes the asking price per room. Also, I don’t know whether to praise Morgans for doing the impossible and completing (sort of) its Paradise Tower well ahead of schedule … or criticize it for being in such a hurry to churn some EBITDA that it’s opening it in an unfinished state.

But here’s hoping the business model works. The HRH is one of the few places in town that’s hiring, not downsizing. At lot of people’s jobs are riding on its success.

One less Wolfgang Puck restaurant on the Strip? That’s hardly a culinary tragedy, given that Continue reading

Posted in Architecture, Colony Capital, Current, Dining, Economy, Entertainment, Harrah's, Marketing, Morgans Hotel Group, Station Casinos, The Strip, Tourism, Wall Street | Comments Off on Case Bets: Hard Rock, Puck, Station, Greek Isles